Carolina Hurricanes to be sold for $500 million to ex-Texas Rangers CEO Chuck Greenberg's group

The Hurricanes have existed in Carolina since 1997-98 season.(Photo: James Guillory, USA TODAY Sports)

A group of investors led by former Texas Rangers CEO Chuck Greenberg have finalized a purchase agreement to buy the Carolina Hurricanes for about $500 million, a person with knowledge of the transaction told USA TODAY Sports Thursday.

An agreement with longtime Hurricanes owner Peter Karmanos Jr. to sell the team was completed this week, according to a person who is not authorized to speak publicly.

Any sale would need to be approved by the NHL Board of Governors.

Messages left with the NHL were not immediately returned.

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Karmanos has had a stake in the franchise since 1994 when the team was located in Hartford, Conn., as the Whalers. Burdened by low attendance and failed attempts to build a new arena, the franchise relocated to Raleigh, N.C. after the 1996-97 season.

Karmanos said in January he’d be open to selling team, but shot down speculation he would again move the franchise.

The Hurricanes haven’t made the playoffs for the last eight seasons and have only made the postseason once since winning the Stanley Cup in 2006. Carolina had the lowest average attendance…